Daily Archives: October 30, 2015

Auditing and Assurance Standards Board Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013. For the benefit of… Read More »

High Court of Karnataka Finance Department of Karnataka Department vs IBM India Private Limited, STRP No. 215/2011 18th September 2015, Following aspects in respect of sale and development of customized software has been held with regard to their taxability: 1.The packaged, readymade, off the shelf software are pure goods liable only to VAT. 2. The… Read More »

No addition can be made in respect of sundry creditors while making assessment under section 44AF IN THE ITAT PANAJI BENCH Good Luck Kinetic v. Income-tax Officer, Ward -2, Margao GEORGE MATHAN, JUDICIAL MEMBER AND N.K. BILLAIYA, ACCOUNTANT MEMBER IT APPEAL NO. 26 (PNJ.) OF 2013 [ASSESSMENT YEAR 2006-07] JUNE 15, 2015 A perusal of… Read More »

PR. Commissioner of Income Tax Vs. E-funds International India Pvt. Ltd., I.T.A. No. 607/2015, Date of Order: 06.10.2015, High Court of Delhi Whether AO is correct while not allowing deduction under Section 10A to the Assessee either for the same or any subsequent assessment year where assessee had claimed deduction under Section 80HHE of the… Read More »

Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the premises of the provider of output service on or after the 1st day of June, 2015 can be utilized for payment of service tax on any output service [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART… Read More »

What are Currency Options? Currency Options are contracts that grant the buyer of the option the right, but not the obligation, to buy or sell underlying currency at a specified exchange rate during a specified period of time. For this right, the buyer pays premium to the seller of the option. What is the need… Read More »

Q1. What is Interest Rate Futures? A. Interest Rate Futures means a standarised interest rate derivative contract traded on a recognized stock exchange to buy and sell a notional security or any other interest bearing instrument or an index of such instruments or interest rates at a specified future date, at a price determined at… Read More »

Q1. What is the underlying for Futures on 91-day Government of India Treasury Bill (T Bill)? A. Underlying is the 91 – day Government of India Treasury bill (T Bill). Q2. What are the trading hours for T Bill Futures? A. The Trading Hours are from 9 a.m. to 5.00 p.m. on all working days… Read More »

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